A MAJOR building society with three million customers has launched a savings account paying out 8% interest, making it one of the best deals on the ma
The Triple Access Saver can be opened online with any amount from £1 up to £250,000. Savers can choose from annual or monthly interest, which can be added to the account or paid away. ; The savings account is available to new and existing members and offers three withdrawals every 12 months starting from the day the account is opened. ; Any additional withdrawals will be subject to a charge equal to 50 days’ interest.
The account allows customers to deposit up to £50 per month to help people kickstart a healthy savings habit of investing money “little and often” while earning a “competitive” return. ; Savers can open an account in branches, agencies and online. Withdrawals can be made on three occasions throughout the year without penalty, or if closing the account. ; By investing the maximum amount of £50 in the account per month, savers can amass a balance of £626.01 after 12 months at the current interest rate.
In the first half of 2024 alone, Coventry Building Society provided £195million in extra value to its members through better rates and incentives compared to market averages. ; The account provides flexibility for savers, with options to continue saving, withdraw funds, or use the money to overpay their mortgage without Early Repayment Charges after maturity. ; Oli Dyer, Head of Product Propositions at Coventry Building Society, urged savers to take advantage of the deal.
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Newcastle Building Society launched a new single-access ISA this week paying a five percent interest rate, earning an “excellent” Moneyfactscompare rating. ; Savers need just £1 to launch the account and interest is paid on the anniversary of opening. ; The new ISA deal came ahead of the new tax year, which starts today (April 6). This marks the restart of savers' £20,000 tax-free ISA allowance. ; Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “Newcastle Building Society has launched a new Single Access ISA this week.
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